SAU-1 | Mid-Review of FTP released on 5th December 2017
The mid-review of Foreign Trade Policy was released on 5th December 2017. The aim is to double India’s exports of goods and services to $900 billion by 2020.
The incentives notified are as follows:
- Simplification of Import export code
- GST to help spur exports growth
- Rationalization of export promotion schemes
- Focus will be on new markets for Indian exporters i.e. Africa, Latin America
- MSME, agricultural products, labour intensive sectors will be in focus
- Self-certification scheme for duty free imports of inputs for exports
- Validity for duty credit scrips raised from 18 months to 24 months
- Single point contact for trade queries launched on DGFT portal
- Single window system for export of perishable agriculture produce
- Only 3 mandatory documents for exports& imports each
- Consignment of export items not to be withheld for any reason by Govt.
- 24/7 customs clearance facility for all bills of entry
- Enhanced insurance cover for exporters
- MEIS incentives raised by 2% to 4% for all labour intensive sector exports
- Benefits to Leather, Handicrafts, Carpets, Sports goods, Agriculture, Marine, Electronic Components, Project Exports
- MEIS incentives for two sub-sectors of textiles, i.e., ready-made garments and made ups already been increased from 2% to 4%
- SEIS incentives increased by 2%.
- SEIS incentives increased by 2%for all notified sectors such as educational, hospital, hotels & restaurants, biz, legal, accounting, architectural, etc.